Contact: Richard Nota
WRC Media Inc.
212-768-1150
Fax 212-768-1887
rnota@wrcmedia.com
www.wrcmedia.com
WRC Media Announces Executive Changes and New Operating Unit
Changes Respond to New Opportunities to Extend Market Position
New York, October 15, 2003. New executive appointments and the creation of a new
operating unit, WRC Consumer and Sponsored Publishing, were announced today.
Martin E. Kenney, Chief Executive Officer said, "Our customers, K-12 schools and
libraries nationwide, are facing unprecedented challenges and an uncertain
environment. While educators are being held accountable for ever-increasing
standards of learning for all children, as required by the No Child Left Behind
legislation, falling tax revenues and competing spending priorities have put
enormous pressure on state and local budgets. Yet, with such challenges come
powerful opportunities for innovation and growth."
Mr. Kenney continued, "This challenging environment requires new flexibility, a
different operating infrastructure, and better internal communications and
cooperation. Today we are responding to these unprecedented challenges and
opportunities with a new executive organization designed to work with you to
build on our considerable talent, market position, and vast potential to fulfill
our commitment to investors, customers, and employees. We are pleased to
announce the formation of a new operating unit, WRC Consumer and Sponsored
Publishing. This new operating group will allow us to adapt and focus on our
many brand and market opportunities, consistent with our heritage, creating new,
accelerated growth in educational publishing and media.
"The mission of WRC Consumer and Sponsored Publishing is to continue to grow WRC
Media sales. It will mine the value of our brands and grow our consumer business
through alternative outlets and alliances as we have done with our successful
program with QVC. Through your imaginative and creative efforts this success
will be repeated."
In addition, the following appointments are effective immediately.
Richard Nota, vice president of finance. Mr. Nota will have overall financial
management responsibilities including finance and accounting, and investor
relations.
Rajeev Puri, president of CompassLearning. Prior to this appointment, Mr. Puri
served as general manager of CompassLearning, and led business development, and
served as chief technology officer of WRC Media. He successfully integrated the
web-delivered assets of ChildU into a vibrant, new, product line,
CompassLearning Odyssey(R), and will continue to identify and implement other
opportunities.
October 15 2003 page 2
Robert J. Jackson, president of World Almanac Education Group. Mr. Jackson will
be charged with identifying growth and profit opportunities for all WAEG assets
including World Almanac Education Library Services, Facts On File, and Gareth
Stevens.
Peter Esposito, president of WRC Consumer and Sponsored Publishing and executive
vice president of marketing and sales for WRC Media. Mr. Esposito will be
responsible for the development of new markets and sales channels for all of WRC
Media.
Emily Swenson, president, Weekly Reader. Ms. Swenson, previously an executive of
Children's Television Workshop (CTW), best known as the producers of Sesame
Street, where she served as executive vice president and chief operating
officer. She will continue to develop value from our Weekly Reader subscriber
base, grow circulation, and expand its reach through new publications and media
partnerships.
Kevin Brueggeman, president of American Guidance Service. Prior to joining AGS,
Mr. Brueggeman was President and Chief Operating Officer of Experior
Assessments, an examination and licensing service. He will continue to develop
the established base of business and deep customer loyalty of AGS.
Robert Evanson will join WRC Media in an advisory capacity to examine our
financial, reporting, investments, and operating infrastructure. For over
twenty-five years, Mr. Evanson has distinguished himself as an industry leader
serving in senior positions including CFO at Harcourt and CEO of McGraw-Hill
Education and Professional Publishing.
Michael Carroll will serve as an advisor to WRC Media in developing a strong,
responsive human resources function that encourages innovation with
accountability. Mr. Carroll has extensive experience in human resources in
publishing, having held senior positions at Disney, Rodale Press and Simon &
Schuster.
Robert Lynch, executive vice president, chief operating officer, and director,
has resigned.
Mr. Kenney concluded, "We are committed to continued market leadership and
delivering on our promise and our potential. While the environment in which we
are operating is unprecedented, we have assembled and redeployed our exceptional
leadership and augmented it with seasoned, industry and functional experts, to
meet the challenge. I am confident that the newly assembled executive committee
will serve our customers and employees well. I know, as I have always known, I
can count on your support to continue our core mission of developing exemplary
multiple media educational products and services that produce measurable gains
for learners everywhere."
* * * *
Information in this press release contains forward-looking statements,
including statements regarding our expectations, beliefs, intentions or
strategies that involve a number of risks, uncertainties, and assumptions.
Should any of the risks or uncertainties develop into actual events, or our
assumptions prove to be inaccurate, actual outcomes and results could differ
materially from what is expressed in such forward-looking statements and these
developments or inaccuracies could materially and adversely affect our business,
financial condition and results of operations. Risks and uncertainties relating
to WRC Media's and its subsidiaries' businesses are set forth in the documents
and reports filed from time to time with the Securities and Exchange Commission.